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Trends in Consumption Patterns

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Article Analysis Paper

Using the Electronic Reserve Readings (ERR) for ECO361, the Internet, or other resources, locate an article concerning trends in consumption patterns.

Prepare a paper in which you:

- Define economics
- Define Law of Supply
- Define Law of Demand
- Identify the factors that lead to a change in supply and a change in demand

Analyze the basis for the trends in consumption patterns discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, market prices of those products or services.

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Solution Preview

The selected article that shows consumption patterns of specialty steel and stainless steel in the USA. The article can be found at http://steelguru.com/news/index/2009/10/01/MTE0MjA2/SSINA_releases_US_market_data_for_June_2009.html
The name of the article is SSINA releases US market data for June 2009, the article is dated Thursday, 1st October 2009.

The definition of economics is that it is a study of how societies allocate and manage their scarce resources, and on the other hand it is the study of how people use their limited resources to satisfy their unlimited wants. There are several authors that define economics as the study of production, distribution, and consumption of goods and services.

The law of demand is that when the price of a good/product increases, the quantity demanded decreases, and when the price of a good/product decreases, the quantity demanded decreases. For example, if the price per ton of coal increases, the total quantity demanded will decrease if all other factors remain the same. Similarly if the price of coal decreases, the quantity demanded will increase if all other factors remain the same.

The law of supply on the other hand states that when the price of a good/produce increases, the quantity supplied of the good/ product will increase, and when the price of good/produce decreases, the quantity supplied will decrease. For example, if the price per ton of stainless steel increases, the total quantity supplied will increase, if all other factors remain the same. Similarly, if the price of stainless steel decreases, the quantity supplied will decrease if all other factors remain the same.

There are several factors that lead to a ...

Solution Summary

This answer provides you an in depth description of trends in consumption patterns. 1117 words plus links for further reading.

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